Announcements

EMPEA Announces Barış Öney as EMPEA Country Representative – Turkey

Founder and Managing Partner of Globalturk Capital

EMPEA is delighted to announce the appointment of Barış Öney, Founder and Managing Partner of EMPEA Member Firm Globalturk Capital, as EMPEA Country Representative – Turkey. Drawing on his long-term experience and expertise in the market, Mr. Öney will support EMPEA’s industry advocacy within Turkey and regionally, emphasizing the importance of private capital investment for sustainable economic development.

New EMPEA NewsWatch Coming 1 March 2017

Expect a new, user-friendly format and update your inbox settings

NewsWatch, EMPEA's weekly e-newsletter, will have a fresh look beginning 1 March 2017. After hearing how you access NewsWatch and use the weekly information, we have redesigned to best fit your needs, while continuing to offer the up-to-date summary of key developments in emerging markets private capital that you have told us you value. As always, our news summaries will remain handcrafted by our EMPEA Research Team from information sources around the world and packaged in a consistent, easy-to-scan format.

NewsWatch will continue to be delivered every Wednesday morning, but please note the subject line will change to DD Month YYYY EMPEA NewsWatch. If you have trouble receiving NewsWatch, please make sure to check your spam filters or contact support@empea.net. If you would like to submit fundraising, investment or exit news, please send the full details to news@empea.net. EMPEA Members have special opportunities to highlight their firm’s activities in NewsWatch. Contact Michele Rucker at ruckerm@empea.net to find out more.

Industry News

Development Partners International Exits CAL Bank to Arise(Sub-Saharan Africa)

10 February 2017 | Source: Development Partners International

Africa-focused private equity firm Development Partners International (DPI) has sold its 27.7 percent stake in Ghana-listed CAL Bank to Arise, a financial services investment company backed by major shareholders are development finance institutions Norfund and FMO and financial services group Rabobank. DPI originally invested in CAL Bank in 2012 through African Development Partners I. The sale is expected to be completed in February 2017. Financial details of the transaction were not disclosed.

Accel Partners and IDG Ventures India Participate in Series A Round for SigTuple Technologies(Asia)

13 February 2017 | Source: VCCircle | Author(s): Binu Paul

Venture capital firm Accel Partners has led a Series A round of INR388 million (approximately US$5.8 million) for India-based medical technology startup SigTuple Technologies, with participation from venture capital firms IDG Ventures India, Endiya Partners, pi Ventures, VH Capital and Axilor Ventures and a number of angel investors. SigTuple plans to use the new capital to expand its team and improve its platform, products and marketing.

Global technology-focused investor Silver Lake and China-focused private equity and venture capital firms CDH Investments, Yunfeng Capital and Primavera Capital Group have led a US$1.1 billion round for Koubei, Alibaba Group Holding’s China-based e-commerce services platform. Sovereign wealth fund China Investment Corporation also invested approximately US$150 million in the round. Koubei provides online-to-offline services including marketing, payments and booking to businesses in China. The company plans to expand its services by allowing merchants to have online stores on its platform.

VIG Partners Reaches Final Close for Third Fund with US$600 Million in Capital Commitments(Asia)

Korea-focused private equity firm VIG Partners has reached a final close for its third Korea-focused fund with US$600 million in capital commitments. Investors in the fund include banks, family offices, insurance companies, funds of funds and pension funds from Europe, North America and Asia, including Korea’s National Pension Service, which committed KRW202 billion (approximately US$175 million) to the fund’s first close. The fund will target control investments in companies with enterprise values from US$50 million to US$300 million.

PAG and Meridian Capital Invest US$225 Million in Food Union Group(CEE and CIS)

8 February 2017 | Source: Food Union Group

Food Union Group, a Latvia-based group of dairy and ice cream producing companies, has raised EUR214 million (approximately US$225 million) from Asia-focused alternative investment management firm PAG and private equity investment group Meridian Capital, an existing shareholder in the company. PAG invested EUR161.6 million (approximately US$170 million), while Meridian invested EUR52.4 million (approximately US$55 million). With PAG and Meridian’s support, Food Union Group plans to expand in China where the company is building two dairy plants.

United States-listed packaging materials company Avery Dennison has agreed to acquire China-based YongLe Tape Company, a manufacturer of specialty tapes and related products, from Asia-focused private equity fund manager ShawKwei & Partners and the company’s management for US$190 million. The purchase price is subject to customary adjustments, including additional earn-outs of up to US$55 million, contingent on performance targets over the next two years. ShawKwei originally invested US$66 million in 2012 through Asia Value Investment Fund III and reportedly generated a return multiple of approximately 4x on its investment. The transaction, which is subject to customary conditions and regulatory approvals, is expected to close in mid-2017.

Gávea Exits Hermes Pardini via IPO(Latin America)

Brazil-focused private equity firm Gávea Investimentos sold shares worth BRL690 million (approximately US$221 million) in Brazil-based medical laboratory Instituto Hermes Pardini in the company’s IPO on Novo Mercado, a segment of BM&F BOVESPA. Gávea originally acquired a 30 percent stake in the company in 2011 through GIF IV.

B Capital Group and EDBI Lead Series B Round for CXA Group(Asia)

7 February 2017 | Source: CXA Group

Venture capital firm B Capital Group and EDBI, the corporate investment arm of Singapore Economic Development Board, have led a Series B round of US$25 million for Singapore-based health technology startup CXA Group. Netherlands-based technology company Philips and RGAx, a subsidiary of Reinsurance Group of America, also participated in the round. CXA plans to use the new capital to support its expansion in Asia beyond Singapore and Hong Kong to China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, Taiwan and Thailand.

COPE Exits Serba Dinamik via IPO(Asia)

30 December 2016 | Source: Bursa Malaysia Securities

Malaysia-focused asset management firm CMS Opus Private Equity (COPE) has reduced its stake in Malaysia-based energy services group Serba Dinamik Holdings from 16 percent to 6 percent by selling 85 million shares in the company for MYR128 million (approximately US$29 million) in the company’s IPO on the Main Market of Bursa Malaysia. COPE originally invested in Serba Dinamik through COPE-KPF Opportunities 1 and COPE Opportunities 2.

Mid Europa Sells Alpha Medical to Unilabs(CEE and CIS)

Central and Eastern Europe-focused private equity firm Mid Europa Partners has agreed to sell Slovakia-based laboratory testing services company Alpha Medical to Unilabs, a Switzerland-based diagnostic services company backed by private equity firm Apax Partners. Mid Europa originally acquired a 100 percent stake in Alpha Medical in October 2012 through Mid Europa Fund III. The transaction, which is subject to customary clearance by local competition authorities, is expected to close in Q2 2017. Financial details of the transaction were not disclosed.

Lighthouse Funds Sells Unibic Foods to Peepul Capital(Asia)

10 February 2017 | Source: VCCircle | Author(s): Debjyoti Roy

India-focused private equity fund manager Lighthouse Funds has fully exited its stake in cookies maker Unibic Foods India to India-focused private equity firm Peepul Capital. Peepul, which was a majority shareholder in the company prior to the transaction, increased its stake in the company to 97.6 percent through the investment. Lighthouse originally invested in Unibic Foods in 2007 through India 2020 Opportunity Fund, and Peepul originally invested in 2012. Financial details of the transaction were not disclosed.

Mezzanine Management Invests in Flucar(CEE and CIS)

Mezzanine Management, an investment advisory firm focused on Central and Eastern Europe, has invested PLN40 million (approximately US$9.9 million) for a 33 percent stake in Poland-based motor oils manufacturer Flucar. As part of the deal, Mezzanine, which invested through Accession Mezzanine Capital III, has the option to increase its stake to a larger minority holding in the future. Flucar plans to use the new capital acquire of chemical and petrochemical companies.

Investec Bank has led a US$19.5 million round for Singapore-based Trax Image Recognition. Trax has developed a computer vision platform that turns retail shelf images into real-time insights for manufacturers and retailers. The company plans to use the funds to expand its global operations with a focus on products and services for retailers.

EMPEA VIP Package is available to Members only, including a discounted 2-day pass rate, local hotel arrangements, concierge one-on-one meeting services and the Private Investors and Entrepreneurs Dinner.

Qualified Institutional Investors include pension funds, foundations, family offices, endowments and other institutional investors that do not engage in third-party fundraising activities or collect fees for advisory/consulting services.

All complimentary registrations are subject to approval. Please do not make any travel arrangements until your complimentary registration is approved. Email programs@empea.net to see if your firm qualifies.

This exclusive networking event for EMPEA Members and invited guests will be held during EM PE Week in D.C. from 15-18 May 2017. To register for the EMPEA Members-Only Reception, please contact Anastasia Pechler at pechlera@empea.net.

*Qualified LPs may include pension funds, foundations, family offices, endowments and other institutional investors who are not engaged in advisory services or fundraising operations. Email programs@empea.net to find out if your firm qualifies.

EM PE Job Board

CrossBoundary is recruiting full-time Associates to join the new CrossBoundary office in Johannesburg. As a member of the Southern Africa transaction team, you will actively contribute to a powerful intervention that has the potential for significant positive impact on investment into Southern Africa.

For more information, including responsibilities and qualifications, please click here.

CrossBoundary is recruiting a Senior Associate to join the new CrossBoundary office in Bamako, Mali. As a member of the Mali investment team, you will actively contribute to a powerful intervention that has the potential for significant positive impact on Mali’s private sector, in addition to building CrossBoundary’s long-term presence in West Africa.

For more information, including responsibilities and qualifications, please click here.

CrossBoundary is recruiting a fulltime Principal to lead a new Advisory team in Johannesburg. As the team leader, you will actively contribute to a powerful intervention that has the potential for significant positive impact on investment into Southern Africa

For more information, including responsibilities and qualifications, please click here.

About EMPEA

EMPEA is the global industry association for private capital in emerging markets. We are an independent non-profit organization with over 300 member firms, comprising institutional investors, fund managers and industry advisors, who together manage more than US$1 trillion of assets and have offices in more than 100 countries across the globe. Our members share EMPEA’s belief that private capital is a highly suited investment strategy in emerging markets, delivering attractive long-term investment returns and promoting the sustainable growth of companies and economies. We support our members through global authoritative intelligence, conferences, networking, education and advocacy. For more information, visit empea.org.